Market regulator Sebi has slapped a total fine of Rs 18 lakh on eight companies for failing to obtain registration with its online complaint system as well as not resolving pending investor grievances within the required timeline.
The Securities and Exchange Board of India (Sebi) through separate orders imposed penalty of Rs 4 lakh each on Asian Alloys and Mideast (India) Ltd and Rs 3 lakh fine each on Western Foods and B P Alloys.
It imposed a fine of Rs 1 lakh each on four companies -- Nijjer Agro Foods, Harpartap Steels, Arihant Threads and R S Petro Chemicals.
These firms failed to resolve investor complaints within stipulated time and made a delay in obtaining SCORES authentication, the SEBI said.
In 2012, Sebi had directed all listed companies to get SCORES authentication by September 14 of the same year, failing which they would have to face enforcement action.
SCORES, launched by Sebi in June 2011, provides a centralised database of all complaints. Online movement of complaints to the concerned listed companies and upload of ATRs by the concerned companies are done through this system.
It also helps investors view, track and follow up the actions taken on their grievances. The online redressal system has significantly helped in reducing the processing time of complaints.
